Owner of NHL's Knights launches bid for Vegas NBA expansion franchise

Vegas Golden Knights owner Bill Foley officially entered the bidding to bring an NBA expansion franchise to Sin City.

Foley, whose sports ownership portfolio features Premier League (AFC Bournemouth) and Ligue 1 (FC Lorient) soccer franchises, would plan to use the same arena on the strip -- T-Mobile Arena -- that houses his NHL team if awarded an expansion team.

"Las Vegas has earned its place among great sports cities in America, and an NBA team belongs here," Foley said in a statement. "We built the Golden Knights into a championship organization from the ground up, and we are prepared to do it again -- with the same standard, the same commitment to this community, and the same insistence on winning. We have the market, a proven world-class arena and a best-in-class organization in place. Our intention is to be ready the day the NBA is ready."

Foley said he expects to have a "limited number" of minority stakeholders if the league chooses his offer to establish an NBA franchise in Las Vegas. Bidding for an NBA expansion franchise is projected to be in the $7 billion to $10 billion range.

Las Vegas is preparing for the arrival of a Major League Baseball franchise -- the A's -- in 2028. Currently, pro sports teams in the WNBA (Aces), NFL (Raiders), and NHL are in the market once considered too risky to be a permanent home for any team.

"This is the NBA's decision to make," Foley said. "Our job is to provide the league a Las Vegas option that is ready, credible, and built to last."

The NBA's board of governors opened exclusive bidding for two expansion franchise locations -- Las Vegas and Seattle -- in March.

Six NHL owners also have a primary stake in an NBA team.

-Field Level Media/Reuters